Bikaji Foods International Ltd
P&L
Quarterly Consolidated
vs Q1 FY26
Bikaji Foods Reports 15.2% YoY Revenue Growth in Q2 FY26; Gross Margin at 35.0%, EBITDA Margin at 15.4%
11 Nov 2025 · 11 Nov 2025, 06:14 pm
Summary
Bikaji Foods International Limited, India’s third largest ethnic snacks manufacturer and the second fastest growing company in the Indian organized snacks market, announced its Financial Results for the Second quarter ended on September 30, 2025. The company reported a 15.2% YoY growth in revenue, with EBITDA margin at 15.4%. The Packaged Sweets segment showed a significant growth of 32.3% YoY.
Key Highlights
- 1
Revenue from operation grew 15.2% YoY to Rs. 8,303 mn with Volume growth of 10.8% YoY
- 2
EBITDA grew 20.1% YoY to Rs. 1,282 mn with a margin of 15.4% (up by 130 bps YoY ex PLI)
- 3
Adjusted Profit After Tax (PAT) grew 18.1% YoY to Rs. 808 mn
- 4
Profit After Tax (PAT) grew 13.5% YoY to Rs. 777 mn
- 5
Earnings per share (EPS) (Basic) stood at Rs. 3.18
- 6
Revenue from operation grew 14.8% to Rs. 14,830 mn with Volume growth of 9.4% in H1 FY26
- 7
EBITDA grew 13.1% to Rs. 2,245 mn with a margin of 15.1% (up 50 bps YoY ex PLI) in H1 FY26
- 8
Adjusted Profit After Tax (PAT) grew 10.5% YoY to Rs. 1,394 mn in H1 FY26
- 9
Profit After Tax (PAT) grew 7.9% to Rs. 1,362 mn in H1 FY26
- 10
Earnings per share (EPS) (Basic) stood at Rs. 5.57 in H1 FY26
- 11
EthnicSnacks: Revenue grew by 4.6% YoY; constitutes ~59.1% of overall revenue in Q2 FY26
- 12
Packaged Sweets: Revenue grew by 32.3% YoY; constitutes ~19.7% of overall revenue in Q2 FY26
- 13
Western Snacks: Revenue de-grew by 5.2% YoY; constitutes ~7.0% of overall revenue in Q2 FY26
- 14
Papad: Revenue grew by 10.3% YoY; constitutes ~4.0% of overall revenue in Q2 FY26
- 15
Retail: Revenue of retail business stood at INR 280 million in Q2 FY26
- 16
EthnicSnacks: Revenue grew by 7.7% YoY; constitutes ~65.1% of overall revenue in H1 FY26
- 17
Packaged Sweets: Revenue grew by 25.1% YoY; constitutes ~13.9% of overall revenue in H1 FY26
- 18
Western Snacks: Revenue remained flat YoY; constitutes ~7.8% of overall revenue in H1 FY26
- 19
Papad: Revenue grew by 7.9% YoY; constitutes ~4.7% of overall revenue in H1 FY26
- 20
Retail: Revenue of retail business stood at INR 492 million in H1 FY26
Management Comments
Deepak Agarwal
This quarter demonstrated strong and resilient growth, with revenue rising 15.2% YoY, driven by the outstanding performance of the Packaged Sweets segment, which grew by 32.3%. The Exports business continued its remarkable trajectory, delivering 77.3% growth, reflecting the increasing global acceptance of our products. We welcome the GST rate rationalization by the Government, which is a progressive step toward making quality food products more affordable for consumers and promoting formal growth in the sector. In anticipation of this change, the business experienced temporary headwinds in September due to distributor de-stocking ahead of the GST transition, leading to a short-term impact in our core states. However, excluding this one-time effect, the salty snacks business would have achieved high single-digit growth, reflecting sustained category momentum. Post-transition, demand has normalized, and we are witnessing a healthy uptick in sales momentum. Our retail stores have also started contributing meaningfully, showing encouraging year-on-year growth. The Company remains optimistic about the future and is firmly committed to driving sustainable, long-term growth through continuous innovation, market expansion, and deepening consumer engagement
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